Lebenthal Asset Management acquired a 48% stake in New York-based woman-owned money manager AH Lisanti Capital Growth, said Lebenthal spokesman Claudio Pannunzio.
Financial terms of the deal, which closed on Monday, were not disclosed.
In addition to this transaction, Alexandra Lebenthal, CEO of Lebenthal Asset Management’s parent company, Lebenthal Holdings, also acquired a minority interest in AH Lisanti Capital Growth, which will operate as Lebenthal Lisanti Capital Growth following completion of the transaction.
AH Lisanti Capital Growth founder Mary Lisanti will remain president of LLCG. Ms. Lisanti and Ms. Lebenthal will be managing members of LLCG. Ms. Lisanti remains the firm’s largest shareholder.
Lebenthal Asset Management had approximately $872 million in assets under management as of Dec. 31, while LLCG oversaw $290 million in AUM.